Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2018

Debt Obligations

Schedule of Debt Obligations

The following table sets forth information regarding debt obligations by component as of December 31, 2018 and 2017 (dollar amounts in thousands):

	Applicable			Available				Available
	Interest	Outstanding		for		Outstanding		for
Debt Obligations	Rate (1)	Balance		Borrowing		Balance		Borrowing
Bank borrowings (2)	3.69%	$	112,000	$	488,000	$	96,500	$	503,500
Senior unsecured notes, net of debt issue costs (3)	4.50%		533,029		93,833		571,002		63,667
Total	4.36%	$	645,029	$	581,833	$	667,502	$	567,167

(1) Represents weighted average of interest rate as of December 31, 2018.

(2) Subsequent to December 31, 2018, we borrowed $26,400, net, under our unsecured revolving line of credit, accordingly we have $138,400 outstanding balance and $461,600 available for borrowing.

(3) Subsequent to December 31, 2018, we paid $4,167 in regular scheduled principal payments, accordingly we have $528,862 outstanding and $98,000 available under our senior unsecured notes.

Schedule of borrowings and repayments

Our borrowings and repayments for the years ended December 31, 2018, 2017 and 2016 are as follows (in thousands):

	2018				2017					2016
Debt Obligations		Borrowings		Repayments	Borrowings			Repayments			Borrowings			Repayments
Bank borrowings	$	116,200	$	(100,700)	$	113,000		$	(123,600)	$	123,600		$	(137,000)
Senior unsecured notes		—		(38,166)		100,000	(1)		(31,167)		77,500	(2)		(26,667)
Total	$	116,200	$	(138,866)	$	213,000		$	(154,767)	$	201,100		$	(163,667)

(1) During 2017, we sold 15-year senior unsecured notes in the aggregate amount of $100,000 to a group of investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 4.5%, have scheduled principal payments and mature on February 16, 2032.

(2) During the year ended December 31, 2016, we sold 10-year senior unsecured term notes in the amount of $37,500 to Prudential. The notes bear interest at an annual fixed rate of 4.15%, have scheduled principal payments and will mature in 2028. Additionally, we sold 10-year senior unsecured notes in the amount of $40,000 to affiliated insurance company investment advisory clients of AIG Asset Management (U.S.) LLC. The notes bear interest at a coupon of 3.99%, have scheduled principal payments and will mature in 2031.

Schedule of principal payments and amounts due at maturity

Scheduled Principal Payments.  The following table represents our long-term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2018, and excludes the effects of interest and debt issue costs (in thousands):

	Total			2019		2020		2021		2022		2023		Thereafter
Bank borrowings	$	112,000	(1)	$	—	$	—	$	—	$	112,000	$	—	$	—
Senior unsecured notes		533,967	(2)		33,667		40,160		47,160		48,160		49,160		315,660
Total	$	645,967		$	33,667	$	40,160	$	47,160	$	160,160	$	49,160	$	315,660

(1) Subsequent to December 31, 2018, we borrowed $26,400, net under our unsecured revolving line of credit. Accordingly, we have $138,400 outstanding and $461,600 available under our unsecured revolving line of credit.

(2) Subsequent to December 31, 2018, we paid $4,167 in regular scheduled principal payments, accordingly we have $528,862 outstanding and $98,000 available under our senior unsecured notes.